The National Association of Realtors is calling on Congress to pass new housing stimulus legislation it says will "give a boost to the economy and help to calm jittery potential home buyers." Hoping Congress will act during the lame-duck session after the national elections in November, NAR proposes eliminating the repayment of the $7,500 first-time home buyer tax credit and expanding it to all home buyers; making higher mortgage loan limits permanent to benefit buyers in high-cost areas; pushing banks to extend credit to Main Street; expediting the process for short sales and banks' real estate-owned (REO) properties; and prohibiting banks from entering into real estate brokerage and management. "Housing has always lifted the economy out of downturns, and it is imp...
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